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Correlation Between Apple and Hamilton Beach

Analyzing existing cross correlation between Apple and Hamilton Beach Brands Holding C. You can compare the effects of market volatilities on Apple and Hamilton Beach and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Apple with a short position of Hamilton Beach. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apple and Hamilton Beach.

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Diversification Opportunities for Apple and Hamilton Beach

Apple diversification synergy
-0.86
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Pay attention - limited upside

The 3 months correlation between Apple and Hamilton is -0.86. Overlapping area represents the amount of risk that can be diversified away by holding Apple and Hamilton Beach Brands Holding in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Hamilton Beach Brands and Apple is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Apple are associated (or correlated) with Hamilton Beach. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hamilton Beach Brands has no effect on the direction of Apple i.e. Apple and Hamilton Beach go up and down completely randomly.

Pair Corralation between Apple and Hamilton Beach

Given the investment horizon of 30 days, Apple is expected to generate 0.83 times more return on investment than Hamilton Beach. However, Apple is 1.2 times less risky than Hamilton Beach. It trades about 0.22 of its potential returns per unit of risk. Hamilton Beach Brands Holding C is currently generating about -0.26 per unit of risk. If you would invest  26,637  in Apple on January 22, 2020 and sell it today you would earn a total of  5,393  from holding Apple or generate 20.25% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthSignificant
Accuracy98.39%
ValuesDaily Returns

Apple  vs.  Hamilton Beach Brands Holding

 Performance (%) 
    
  Timeline 
Apple 
1515

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.
Hamilton Beach Brands 
00

Risk-Adjusted Performance

Over the last 30 days Hamilton Beach Brands Holding C has generated negative risk-adjusted returns adding no value to investors with long positions. Despite sluggish performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in March 2020. The current disturbance may also be a sign of long term up-swing for the company investors.

Apple and Hamilton Beach Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Balance Of Power module to check stock momentum by analyzing balance of power indicator and other technical ratios.